Cross Country Movers Has Just Gone Public

Cross Country Movers has just gone public.Under a firm commitment agreement, the firm received $19.84 for each of the 2.12 million shares sold.The initial offering price was $24.40 per share, and the stock rose to $25 per share in the first few minutes of trading.The company paid $626,000 in legal and other direct costs and $105,000 in indirect costs.What was the flotation cost as a percentage of the funds raised?

A) 29.91 percent
B) 27.85 percent
C) 30.49 percent
D) 28.24 percent
E) 28.60 percent